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2016 CAFR
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2016 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br />contributions that are restricted to meeting the operational or capital requirements of a particular <br />function or segment. Taxes and other items not properly included among program revenues are <br />reported instead as general revenues. <br />Separate financial statements are provided for governmental funds, proprietary funds, and iiduciary <br />funds, even though the latter are excluded from the government-wide financial statements. Major <br />individual governmental funds and major individual enterprise fi.inds are reported as separate <br />columns in the fund financial statements. <br />C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION <br />The government-wide financial statements are reported using the economic resources measurement <br />focus and the accrual basis of accounting, as are the proprietary funds. Fiduciary fund financial <br />statements also use the accrual basis of accounting. The City's fiduciary fund type, agency funds are <br />custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. <br />With the economic resources measurement focus, revenues are recorded when earned and expenses <br />are recorded when a liability is incurred, regardless of the timing of the related cash flows. Property <br />taxes are recognized as revenues in the year for which they are levied. Grants and similar items are <br />recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. <br />Governmental fund financial statements are reported using the current financial resources <br />measurement focus and the modifed accrual basis of accounting. Revenues are recognized as soon <br />as they are both measurable and available. Revenues are considered to be available when they are <br />collectible within the cunent period or soon enough thereafter to pay liabilities of the current period. <br />For this purpose, the Ciry considers revenues to be available if they are collected within 60 days of <br />the end of the current fiscal period. Expenditures generally are recorded when a liability is incuned, <br />as under accrual accounting. However, debt service expenditures, as well as expenditure-related to <br />compensated absences and claims and judgments, are recorded only when payment is due. <br />Property taxes, franchise taxes, licenses and interest associated with the cunent fiscal period a�e all <br />considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal <br />period. Only the portion of special assessments receivable due within the current fiscal period is <br />considered to be susceptible to accrual as revenue of the current period. All other revenue items are <br />considered to be measurable and available only when cash is received by the City. <br />The City reports the following major governmental funds: <br />General <br />The general fund is the City's primary operating fund. It accounts for all financial resources of <br />the general government, except those required to be accounted for in another fund. <br />Special Revenue <br />The recreation fund accounts for resources and payments related to adult and youth programs, <br />nature center, skating center, and park maintenance activities. Most revenues are derived from <br />user fees of various programs and activities, room rentals, donations, and concessions. <br />42 <br />
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